Baku, Azerbaijan, Oct. 13
By Fatih Karimov - Trend:
Iran's Central Bank Governor Valiollah Seif says the country's economic growth rate is expected to be around 5 percent in 2016.
Although the economic growth rate declined in 2015,it is expected that the national economy will grow at a rate of 5 percent in 2016, mainly as a result of boosting crude oil production, which is projected to reach two million barrels per day, Iran's IRNA news agency quoted Seif as saying.
The nuclear agreement with world powers will allow Iran to restore crude oil exports, attract foreign investment, and establish economic links with the world, Seif added.
"Such a positive perspective will provide us the opportunity to accelerate economic reforms. Meanwhile, dealing with tough situations has made Iranian enterprises ready to cope with problems and being adapted with different conditions."
The administration of President Hassan Rouhani has taken prudent measures that have led to growth in the economy and decline in the inflation rate from 40 percent in 2013 to less than 15 percent in 2015, Seif said.
Iranian Finance and Economic Affairs Minister, Ali Tayebnia, said Oct. 8 that the country is asking the World Bank and the International Monetary Fund to help it expand its economy.
The official said that expansion of Iran's economy requires foreign direct investment and also transfer of technology.
According to the World Bank, Iran, following Saudi Arabia, is the second largest economy in the Middle East and North Africa (MENA) region with an estimated GDP of $406.3 billion in 2014.
Edited by CN